All businesses should have a business plan, but how do you write a business plan? We would advise working with an advisor to help prepare the best plan possible which will help you secure any funding you may need. This plan will be something you regularly refer to and which will keep you and your business on track.
Why write a business plan?
When starting a new business your plan will describe the business product or service, market, operations, capital requirements and projected financial results along with a clear outline of how you will grow and develop. Why do you need a plan?
- To set clear objectives and clarify thinking;
- Help set targets;
- Monitor finances and profitability.
What should a business plan include?
- A concise overview needs to be clear and to the point, so the reader can grasp what’s important to you and your business;
- A description of the business and your objectives;
- Key personnel, including yourself and external consultants;
- Details of your product or service and pricing policy;
- Your target market (home and overseas), competitors and potential for growth. A SWOT analysis is useful here;
- Operational practices and production methods including premises and equipment requirements;
- Financial forecasts; performance, cashflow forecasts, profit & loss predictions and balance sheet;
- Your financial requirements and any security you can offer. Including client satisfaction scores and testimonials in your plan can also help boost readers confidence in your business.
Measure what matters, get in touch with an expert
Once you have a business plan then this gives you a basis on which to drill more deeply into measuring what matters to driving your business forward. It’s important to set team KPI’s that are measured regularly. Sharing your vision, mission and performance regularly with the team is proven to help everyone work together towards the same goal!
To learn how we can help your measure what matters and achieve your personal and business goals please get in touch!